Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 28% - 68%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Daily Price

$14.62

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/17/2018

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Annualized Performance

As of 04/30/2018

YTD

-1.03%

1 Year

4.79%

3 Year

2.80%

5 Year

5.06%

10 Year

5.50%

Inception
(01/01/2000)

6.61%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

6.76%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 12.84%
GOVERNMENT AGENCY 5.85%
TREASURY BONDS 5.17%
QORVO INC 1.77%
INCYTE CORP 1.62%
BOOKING HOLDINGS INC 1.59%
TREASURY BILLS 1.54%
FACEBOOK INC -A 1.46%
ANHEUSER-BUSCH INBEV SA/NV 1.27%
REGENERON PHARMACEUTICALS INC 1.23%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Bonds 54.55%
Stocks 44.23%
Cash 1.22%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities 14.78%
Small Capitalization 0.81%
Mid Capitalization 5.23%
Large Capitalization 23.41%
Long Term Fixed Income 16.62%
Intermediate Term Fixed Income 25.61%
Short Term Fixed Income 12.32%
Cash 1.22%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 24,483.81 $24,361.39
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 317,421.64 $315,114.74
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 576,873.55 $565,942.54
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 84,960.62 $88,571.45
004239109 ACADIA REALTY TRUST US AKR 305.52 $7,210.38
0045614 ANTOFAGASTA PLC GB ANTO LN 15,171.64 $202,708.49
0053673 ASHTEAD GROUP PLC GB AHT LN 969.93 $26,937.78
008492100 AGREE REALTY CORP US ADC 135.33 $6,614.88
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 10,362.72 $10,764.28
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 108.52 $13,518.83
01609W102 ALIBABA GROUP - ADR CN BABA 3,129.1 $558,668.92
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 516,804.28 $486,565.56
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 23,143.56 $23,374.99
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 18,355.79 $18,346.61
02079K107 ALPHABET INC-CL C US GOOG 297.68 $302,839.74
02079K305 ALPHABET INC-CL A US GOOGL 295.36 $300,847.49
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 17,685.66 $17,287.73
023135106 AMAZON.COM INC US AMZN 123.6 $193,576.34
02319V103 AMBEV SA-ADR BR ABEV 103,648.14 $686,150.66
0237400 DIAGEO PLC GB DGE LN 20,970.72 $748,128.64
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 414.72 $16,219.65
0263494 BAE SYSTEMS PLC GB BA/ LN 1,206.03 $10,118.91
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,369.71 $27,668.10
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 334,610.79 $321,696.15
03027X100 AMERICAN TOWER REIT INC US AMT 1,154.87 $157,477.79
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 13,510.93 $13,652.82
03064D108 AMERICOLD REALTY TRUST US COLD 367.48 $7,573.74
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 339,350.11 $319,694.16
03748R101 APARTMENT INVT & MGMT CO -A US AIV 494.41 $20,072.93
03784Y200 APPLE HOSPITALITY REIT INC US APLE 691.01 $12,431.31
0405207 HALMA PLC GB HLMA LN 1,249.54 $20,966.14
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 322,564.74 $334,710.55
0490656 KERRY GROUP PLC-A IE KYGA LN 269.16 $27,367.74
053484101 AVALONBAY COMMUNITIES INC US AVB 331.24 $53,992.73
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 666.7 $20,667.76
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 1,582.23 $10,355.71
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 287,428.29 $273,935.00
058498106 BALL CORP US BLL 15,569.61 $624,185.48
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 492,485.98 $486,771.63
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,016.31 $669,442.24
09062X103 BIOGEN IDEC INC US BIIB 1,791.45 $490,141.95
09247X101 BLACKROCK INC US BLK 1,228.96 $640,901.11
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,639.53 $47,975.95
09627J102 BLUEROCK RESIDENTIAL GROWTH US 589.13 $5,296.27
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 452,706.34 $482,919.50
09857L108 BOOKING HOLDINGS INC US BKNG 524.66 $1,142,708.49
101121101 BOSTON PROPERTIES INC US BXP 251.01 $30,475.17
105368203 BRANDYWINE REALTY TRUST US BDN 754.37 $12,152.92
110122108 BRISTOL MYERS SQUIBB CO US BMY 5,193.39 $270,731.42
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 348.02 $19,008.91
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 47,268.08 $44,431.99
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 15,675.28 $15,263.02
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 258,685.46 $261,031.61
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 325,850.71 $326,665.34
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 136,528.44 $138,747.67
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 301,799.71 $296,585.45
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 44,325.18 $41,527.15
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 130,802.83 $121,847.51
13321L108 CAMECO CORP CA CCJ 971.15 $10,226.21
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,848.21 $24,100.71
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 27,879.59 $27,705.34
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 37,381.7 $35,559.34
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 16,248.52 $16,471.94
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 28,670.07 $28,024.99
165240102 CHESAPEAKE LODGING TRUST US CHSP 356.47 $10,530.01
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 336,572.72 $487,467.11
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 11,032.85 $11,088.01
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 75,154.94 $75,154.82
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 1,529.92 $9,347.79
198287203 COLUMBIA PROPERTY TRUST INC US CXP 381.6 $8,150.98
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 794.61 $20,262.59
21871N101 CORECIVIC INC US CXW 1,064.54 $21,461.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 288,033 $322,843.93
222795106 COUSINS PROPERTIES INC US CUZ 3,871.89 $34,421.08
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 19,025.91 $18,835.65
22822V101 CROWN CASTLE INTL CORP US CCI 160 $16,139.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 92,530.6 $85,452.19
229663109 CUBESMART US CUBE 524.68 $15,446.58
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 11,032.85 $11,612.08
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 338.13 $4,871.95
23918K108 DAVITA INC. US DVA 7,993.2 $501,893.06
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 30,777.33 $29,167.68
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,683.27 $11,511.41
25271C102 DIAMOND OFFSHORE DRILLING US DO 12,285.98 $225,939.24
253868103 DIGITAL REALTY TRUST INC US DLR 378.82 $40,037.77
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 12,934.27 $12,858.16
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 335,329.36 $327,977.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 29,699.48 $29,847.98
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 9,673.82 $32,028.74
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,169.47 $42,696.59
269246401 ETRADE FINANCIAL CORP US ETFC 5,560.02 $337,381.73
2715777 QUEBECOR INC -CL B CA QBR/B CN 8,944.91 $166,783.11
277276101 EASTGROUP PROPERTIES US EGP 64.47 $5,788.05
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,162.77 $167,775.62
285512109 ELECTRONIC ARTS US EA 4,146.73 $489,231.68
2866857 LUNDIN MINING CORP CA LUN CN 28,665.31 $189,769.94
294429105 EQUIFAX INC US EFX 3,340.57 $374,311.34
29444U700 EQUINIX INC US EQIX 186.2 $78,351.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 195.06 $17,391.46
29476L107 EQUITY RESIDENTIAL US EQR 377.37 $23,287.22
297178105 ESSEX PROPERTY TRUST INC US ESS 68.44 $16,404.77
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 527,098.58 $516,305.71
30225T102 EXTRA SPACE STORAGE INC US EXR 259.98 $23,292.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 29,576.6 $29,476.92
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 295,824.18 $287,261.02
30290HAE8 FREMF 2012-K708 FLT 3.88201 02/25/2045 US 139,838.54 $140,556.20
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 132,430.4 $132,849.92
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 16,722,049.39 $63,598.97
30291XAE2 FREMF 2014-K715 B FLT 4.11961 02/25/2046 US 108,794.09 $110,605.32
30303M102 FACEBOOK INC -A US FB 6,066.78 $1,043,486.07
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 3,890.15 $4,330.10
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 19,336.04 $21,151.92
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 8,499.47 $9,288.63
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 28,792.07 $31,467.31
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 11,816.82 $12,901.15
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 11,249.13 $12,542.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 21,291.05 $23,740.52
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 20,905.83 $22,845.17
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 8,216.9 $8,980.08
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 25,539.47 $28,378.82
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,944.83 $2,014.84
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 4,161.55 $4,318.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,895.75 $3,004.74
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 2,236.79 $2,331.08
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,922.44 $4,082.95
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 272,665.01 $285,130.35
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 38,079.39 $41,605.42
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 46,288.87 $48,457.90
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 60,209 $63,570.89
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 61,356.45 $64,559.24
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 32,317.69 $33,898.81
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 50,967.98 $53,970.85
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 149,597.24 $152,626.78
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 162,943.12 $166,198.92
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 226,008.11 $235,864.69
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 62,212.34 $63,578.92
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,837.05 $5,918.73
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 40,289.25 $44,047.07
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 1,707,909.43 $41,587.08
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 724,709.06 $21,236.08
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 577,066.64 $24,771.91
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 830,975.42 $3,446.06
3137AME78 FHMS K017 X1 FLT 1.49098 12/25/2021 US 1,812,551.37 $71,703.44
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 1,908,963.39 $94,455.51
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 6,318,934.68 $55,973.75
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 4,064,436.03 $21,887.80
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 488,852.78 $495,534.47
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 278,263.31 $274,611.63
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 198,937.77 $197,576.76
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 180,099.95 $183,695.63
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 33,885.82 $35,664.38
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 17,822.47 $18,744.99
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 104,098.23 $109,567.58
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 145,799.17 $153,444.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 399,905.6 $430,830.52
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 86,957.32 $95,194.76
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 22,438.77 $24,550.54
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 50,887.32 $51,942.90
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 244,531.36 $243,087.61
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 57,219.01 $56,881.17
3140F9M51 FEDERAL NATL MTG ASSN BD2179 4.00000 07/01/2046 US 124,930.02 $127,350.76
3140FA5G3 FEDERAL NATL MTG ASSN FN BD3546 4.00000 09/01/2047 US 102,954.07 $105,082.23
3140FEXR0 FEDERAL NATL MTG ASSN BD6987 4.00000 10/01/2046 US 118,704.71 $121,023.08
3140FPGW3 FEDERAL NATL MTG ASSN BE3812 4.00000 12/01/2046 US 220,587.48 $224,918.44
31410FSE6 FEDERAL NATL MTG ASSN 888017 6.00000 11/01/2021 US 3,131.35 $3,243.48
31410FV51 FEDERAL NATL MTG ASSN 888136 6.00000 12/01/2021 US 3,816.93 $3,948.84
31410GCD3 FEDERAL NATL MTG ASSN 888468 5.50000 09/01/2021 US 28,226.19 $28,982.94
31410GN33 FEDERAL NATL MTG ASSN 888810 5.50000 11/01/2022 US 33,849.9 $34,737.67
31410KGB4 FEDERAL NATL MTG ASSN 889494 5.50000 01/01/2037 US 40,221.27 $44,001.09
31410KJV7 FEDERAL NATL MTG ASSN 889576 6.00000 04/01/2038 US 25,816.2 $28,774.19
31410KLD4 FEDERAL NATL MTG ASSN 889624 5.50000 05/01/2038 US 24,502.78 $26,720.19
31411JXP6 FEDERAL NATL MTG ASSN 909786 5.50000 03/01/2037 US 17,106.15 $18,655.47
31412SY41 FEDERAL NATL MTG ASSN 933731 5.50000 04/01/2038 US 48,556.06 $52,929.48
31416BSW9 FEDERAL NATL MTG ASSN 995233 5.50000 10/01/2021 US 1,579.7 $1,611.65
31416BVW5 FEDERAL NATL MTG ASSN 995329 5.50000 12/01/2021 US 19,162.15 $19,652.80
31418BBC9 FEDERAL NATL MTG ASSN MA1834 4.50000 02/01/2034 US 140,395.07 $146,937.11
31418BDH6 FEDERAL NATL MTG ASSN MA1903 4.50000 05/01/2034 US 103,346 $108,665.54
31418CAF1 FEDERAL NATL MTG ASSN FN MA2705 3.00000 08/01/2046 US 107,891.46 $104,244.04
31418MDZ2 FEDERAL NATL MTG ASSN AD0119 6.00000 07/01/2038 US 14,287.15 $15,951.33
31418MG63 FEDERAL NATL MTG ASSN AD0220 6.00000 10/01/2038 US 8,913.87 $9,940.36
31418MJC7 FEDERAL NATL MTG ASSN AD0258 5.50000 03/01/2039 US 16,003.75 $17,449.00
31418MKV3 FEDERAL NATL MTG ASSN AD0307 5.50000 01/01/2039 US 25,699.05 $28,053.77
31418MQQ8 FEDERAL NATL MTG ASSN AD0462 5.50000 10/01/2024 US 2,775.09 $2,899.49
31418MSR4 FEDERAL NATL MTG ASSN AD0527 5.50000 06/01/2039 US 18,402.41 $20,050.62
31419BBV6 FEDERAL NATL MTG ASSN AE0951 4.50000 02/01/2041 US 42,655.02 $44,889.40
31428X106 FEDEX CORPORATION US FDX 2,023.67 $500,250.96
32054K103 FIRST INDUSTRIAL REALTY TR US FR 795.55 $24,749.62
336130AB5 FIRST QUALITY FINANCE CO 5.00000 07/01/2025 US 10,003.44 $9,578.29
345605109 FOREST CITY REALTY TRUST - A US FCE/A 560.2 $11,237.54
357081AE8 FREMF 2015-K720 B FLT 3.50460 07/25/2022 US 136,221.18 $134,142.99
35802XAA1 FRESENIUS MED CARE US 6.50000 09/15/2018 US 14,072.64 $14,253.26
36143WAN1 GAHR 2015-NRF BFX FLT 3.49490 12/15/2034 US 285,731.77 $285,500.07
36143WAS0 GAHR 2015-NRF DFX FLT 3.49490 12/15/2034 US 64,671.37 $64,277.78
36174X101 GGP INC US GGP 673.4 $13,461.33
36223NTR5 GNMA POOL 312960 9.00000 09/15/2021 US 38.17 $38.68
36246MAT6 GTP AQUISITION PARTNERS 2.35000 06/15/2020 US 32,576.06 $32,108.78
36248EAA3 GSMS 2010-C2 3.84900 12/10/2043 US 7,850.73 $7,946.17
371559105 GENESEE & WYOMING INC -CL A US GWR 4,287.87 $305,296.49
374297109 GETTY REALTY CORP US GTY 428.47 $10,733.24
37950E366 GLOBAL X MSCI GREECE ETF GR 2,732.14 $29,151.94
37953TAB1 GLOBAL SHIP LEASE INC 9.87500 11/15/2022 MH 45,927.83 $45,124.09
37954A204 GLOBAL MEDICAL REIT INC US GMRE 904.58 $7,046.68
39807UAB2 GREYSTAR REAL ESTATE PAR 5.75000 12/01/2025 US 21,036.29 $20,825.93
399909100 GRUPO FINANCIERO GALICIA-ADR AR GGAL 220.82 $14,114.71
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BBG00KC00T34 EA US 05/18/18 P110 US -14.14 -$2,233.68
BBG00KCT50R3 SGEN US 05/18/18 C55 US -29.12 -$3,378.08
BBG00KD5VQ43 ZAYO 05/18/18 C40 US -40.14 -$401.43
BBG00KHC9JX3 SWKS US 05/11/18 P85 US -18.95 -$3,978.82
BBG00KJ2JW81 BABA US 05/25/18 P160 CN -9.97 -$1,076.62
BBG00KQTTLF9 TXN US 05/18/18 P92 US -17.3 -$605.35
BDZZRC1 BOLSAS Y MERCADOS ARGENTINOS AR 1,379.9 $25,290.97
BF955D8 TELENET FINANCE LUX NOTE 5.50000 03/01/2028 LU 39,081.24 $37,322.58
BGHQ198 HIBERNIA REIT PLC IE HBRN ID 6,822.46 $12,226.37
BGSH2S6 CVC BRASIL OPERADORA E AGENCIA BR CVCB3 BZ 859.54 $14,196.39
BH4TZ73 FU SHOU YUAN INTERNATIONAL CN 1448 HK 20,215.17 $19,283.19
BMMV2K8 TENCENT HOLDINGS LTD CN 700 HK 7,735.49 $380,299.37
BNBNSG0 EURONEXT NV NL ENX FP 531.47 $38,097.64
BNGN9Z1 FINECOBANK SPA IT FBK IM 3,493.04 $41,594.29
BP269Z8 AXIA REAL ESTATE SOCIMI SA ES AXIA SM 285.26 $6,047.16
BP9DL90 INDUSTRIA DE DISENO TEXTIL ES ITX SM 14,246.99 $441,630.30
BVRZ8L1 AENA SA ES AENA SM 250.85 $51,707.06
BVSS790 ELIS SA FR ELIS FP 936.24 $22,391.32
BYXS699 QIAGEN N.V. NL QIA GR 549.89 $17,987.73
BYY8LS2 MAISONS DU MONDE SA FR MDM FP 363.14 $14,756.07
BYYHL23 ANHEUSER-BUSCH INBEV SA/NV BE ABI BB 9,137.39 $907,648.82
BYZ43T4 EUROBANK ERGASIAS SA GR EUROB GA 18,416.5 $23,245.48
BYZFYS3 SPIE SA FR SPIE FP 1,328.74 $30,065.37
BYZFZ91 SOPHOS GROUP PLC GB SOPH LN 3,272.92 $22,348.43
BYZR014 AMUNDI SA FR AMUN FP 406.7 $34,587.77
BYZWX76 CRODA INTERNATIONAL PLC GB CRDA LN 434.32 $26,568.48
BZ3C3Q4 BANKIA SA ES BKIA SM 3,670.24 $16,103.56
BZCNN35 BANCO COMERCIAL PORTUGUES-R PT BCP PL 38,229.92 $12,797.60
G02602103 AMDOCS LTD GG DOX 503.78 $33,879.53
G06242104 ATLASSIAN CORP PLC-CLASS A AU TEAM 197.49 $11,055.49
G3157S106 ENSCO INTERNATIONAL INC US ESV 20,498.95 $115,819.08
G37585AC3 GASLOG LTD 8.87500 03/22/2022 BM 26,231.79 $27,805.70
G45667105 HOLLYSYS AUTOMATION TECHNOLOGIES CN HOLI 675.13 $14,893.39
G57279104 LUXOFT HOLDING INC CH LXFT 119.38 $4,816.79
G5960L103 MEDTRONIC INC IE MDT 10,507.49 $841,965.46
G68707101 PAGSEGURO DIGITAL LTD-CL A BR PAGS 177.7 $5,904.84
G97822103 PERRIGO CO PLC IE PRGO 340.4 $26,598.49
H8817H100 TRANSOCEAN LTD US RIG 28,756.89 $355,722.74
N47279109 INTERXION HOLDING NX NL INXN 555.93 $36,146.80
N72482123 QIAGEN N.V. ADR NL QGEN 433.04 $14,164.86
USD US DOLLAR US 886,504.5 $886,504.50

Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.

Daily Price

$14.62

Daily $ Change

$0.00

Daily % Change

0.00%

as of 05/17/2018

CUSIP

302027644

Inception Date

08/03/2012

This fund is only available for use within certain qualified employee benefit plans.

Important Documents

Annual Report
Fact Sheet
Applications & Forms

Each Retirement Target CIT Fund seeks to achieve its investment objectives by investing in a combination of other Manning & Napier CIT Funds (the “underlying CIT Funds”) in order to meet its target asset allocations and investment style. The financial statements of the underlying Pro-Mix® CIT Funds should be read in conjunction with the Retirement Target CIT Funds’ financial statements.
Pro-Mix® CIT Fund Annual Report

Investment Objective

To provide capital growth and manage risk for investors planning to retire in or around the year indicated in the fund’s name.

Investment Strategy

Currently: The portfolio is currently invested in a balanced mix of securities that seeks a more stable rate of long-term growth than that of the broad stock market. The portfolio is diversified among fixed income securities, primarily with intermediate to long-term maturities, and various stocks. Stock exposure can range from 28% - 68%.

Over Time: The portfolio’s investment mix will gradually become more conservative as the target date approaches and for several years after the target date. During the target year, the portfolio’s stock exposure can range from 20% - 60%. At five years after the target date and beyond, the focus will be on capital preservation, and stock exposure can range from 15% - 45%.

May be Appropriate for Investors

  • Who plan to stop contributions and start periodic withdrawals around the year 2025
  • Who have a moderate tolerance for risk and can accept fluctuations in current account value
  • Who prefer to take advantage of professional management through a single, diversified investment portfolio that becomes more conservative over time

About Target Date Funds

A target date fund is a single investment portfolio designed to meet an investor’s changing needs over time. The fund gradually shifts from a more aggressive to a more conservative investment objective over the years to reflect an appropriate risk/return trade-off for the investor’s changing time horizon.

Target Series Glide Path Overview

Learn more about our Glide Range SM

Annualized Performance

As of 04/30/2018

YTD

-1.03%

1 Year

4.79%

3 Year

2.80%

5 Year

5.06%

10 Year

5.50%

Inception
(01/01/2000)

6.61%

US Stock Market Cycle (04/01/2000 - 04/30/2018)

6.76%

Performance through the inception date of the Retirement Target CIT Class I Units is not the past performance of the Retirement Target CIT Fund and is based on historical performance data of the Manning & Napier Pro-Mix® CIT Fund(s) that would have been held according to the Retirement Target CIT Fund’s glide path. The Retirement Target CIT Fund will gradually become more conservative over time. Returns are net of the Class I expenses. Performance data quoted represents past performance and does not guarantee future results. Your investment may fluctuate in value and there is a potential for loss as well as profit.

Expense Ratio

Gross 0.71%
Net 0.69%*

*Includes acquired fund fees and expenses of the underlying collective investment trusts and reflects the Trustee’s contractual agreement to limit fees and voluntary agreement to reimburse certain expenses.

Top Ten Investments

As of 04/30/2018

TREASURY NOTES 12.84%
GOVERNMENT AGENCY 5.85%
TREASURY BONDS 5.17%
QORVO INC 1.77%
INCYTE CORP 1.62%
BOOKING HOLDINGS INC 1.59%
TREASURY BILLS 1.54%
FACEBOOK INC -A 1.46%
ANHEUSER-BUSCH INBEV SA/NV 1.27%
REGENERON PHARMACEUTICALS INC 1.23%

This investment list is unaudited and excludes cash.

Asset Allocation

As of 04/30/2018

Bonds
54.55%
Stocks
44.23%
Cash
1.22%

Detailed Asset Class Allocation

As of 04/30/2018

International Equities
14.78%
Small Capitalization
0.81%
Mid Capitalization
5.23%
Large Capitalization
23.41%
Long Term Fixed Income
16.62%
Intermediate Term Fixed Income
25.61%
Short Term Fixed Income
12.32%
Cash
1.22%

Due to rounding, the sum of the detailed asset class allocation categories may not equal the asset allocation totals provided above.

April Fund Holdings

As of 04/30/2018

CUSIP Security Description Country Ticker Shares/Par Market Value (USD)
00163UAB2 AMAG PHARMACEUTICALS INC 7.87500 09/01/2023 US 24,483.81 $24,361.39
00206RDQ2 AT&T INC 4.25000 03/01/2027 US 317,421.64 $315,114.74
00254EML3 SWEDISH EXPORT CREDIT 1.12500 08/28/2019 SE 576,873.55 $565,942.54
00289XAA7 ABENGOA YIELD PLC 7.00000 11/15/2019 GB 84,960.62 $88,571.45
004239109 ACADIA REALTY TRUST US AKR 305.52 $7,210.38
0045614 ANTOFAGASTA PLC GB ANTO LN 15,171.64 $202,708.49
0053673 ASHTEAD GROUP PLC GB AHT LN 969.93 $26,937.78
008492100 AGREE REALTY CORP US ADC 135.33 $6,614.88
00928QAK7 AIRCASTLE LTD 6.25000 12/01/2019 BM 10,362.72 $10,764.28
015271109 ALEXANDRIA REAL EST EQUITIES US ARE 108.52 $13,518.83
01609W102 ALIBABA GROUP - ADR CN BABA 3,129.1 $558,668.92
01609WAT9 ALIBABA GROUP HOLDING 3.40000 12/06/2027 KY 516,804.28 $486,565.56
01748XAA0 ALLEGIANT TRAVEL CO 5.50000 07/15/2019 US 23,143.56 $23,374.99
02005NAT7 ALLY FINANCIAL INC 3.50000 01/27/2019 US 18,355.79 $18,346.61
02079K107 ALPHABET INC-CL C US GOOG 297.68 $302,839.74
02079K305 ALPHABET INC-CL A US GOOGL 295.36 $300,847.49
02155FAC9 ALTICE US FINANCE I CORP 5.50000 05/15/2026 US 17,685.66 $17,287.73
023135106 AMAZON.COM INC US AMZN 123.6 $193,576.34
02319V103 AMBEV SA-ADR BR ABEV 103,648.14 $686,150.66
0237400 DIAGEO PLC GB DGE LN 20,970.72 $748,128.64
024835100 AMERICAN CAMPUS COMMUNITIES US ACC 414.72 $16,219.65
0263494 BAE SYSTEMS PLC GB BA/ LN 1,206.03 $10,118.91
02665T306 AMERICAN HOMES 4 RENT- A US AMH 1,369.71 $27,668.10
02666TAA5 AMERICAN HOMES 4 RENT 4.25000 02/15/2028 US 334,610.79 $321,696.15
03027X100 AMERICAN TOWER REIT INC US AMT 1,154.87 $157,477.79
03063NAA5 AMERICOLD LLC TRUST 3.84730 01/14/2029 US 13,510.93 $13,652.82
03064D108 AMERICOLD REALTY TRUST US COLD 367.48 $7,573.74
034863AT7 ANGLO AMERICAN CAPITAL 4.00000 09/11/2027 GB 339,350.11 $319,694.16
03748R101 APARTMENT INVT & MGMT CO -A US AIV 494.41 $20,072.93
03784Y200 APPLE HOSPITALITY REIT INC US APLE 691.01 $12,431.31
0405207 HALMA PLC GB HLMA LN 1,249.54 $20,966.14
04621WAC4 ASSURED GUARANTY US HLDG 5.00000 07/01/2024 US 322,564.74 $334,710.55
0490656 KERRY GROUP PLC-A IE KYGA LN 269.16 $27,367.74
053484101 AVALONBAY COMMUNITIES INC US AVB 331.24 $53,992.73
05501U106 AZUL S.A SPONSORED ADR PFD BR AZUL 666.7 $20,667.76
0557681 HOWDEN JOINERY GROUP INC GB HWDN LN 1,582.23 $10,355.71
05604LAA0 BWAY 2015-1740 A 2.91700 01/10/2035 US 287,428.29 $273,935.00
058498106 BALL CORP US BLL 15,569.61 $624,185.48
06051GFM6 BANK OF AMERICA CORP 4.00000 01/22/2025 US 492,485.98 $486,771.63
09061G101 BIOMARIN PHARMACEUTICAL INC US BMRN 8,016.31 $669,442.24
09062X103 BIOGEN IDEC INC US BIIB 1,791.45 $490,141.95
09247X101 BLACKROCK INC US BLK 1,228.96 $640,901.11
0946580 WEIR GROUP PLC/THE GB WEIR LN 1,639.53 $47,975.95
09627J102 BLUEROCK RESIDENTIAL GROWTH US 589.13 $5,296.27
096630AE8 BOARDWALK PIPELINES LP 5.95000 06/01/2026 US 452,706.34 $482,919.50
09857L108 BOOKING HOLDINGS INC US BKNG 524.66 $1,142,708.49
101121101 BOSTON PROPERTIES INC US BXP 251.01 $30,475.17
105368203 BRANDYWINE REALTY TRUST US BDN 754.37 $12,152.92
110122108 BRISTOL MYERS SQUIBB CO US BMY 5,193.39 $270,731.42
110448107 BRITISH AMERICAN TOB-SP ADR GB BTI 348.02 $19,008.91
12467AAD0 C&S GROUP ENTERPRISES 5.37500 07/15/2022 US 47,268.08 $44,431.99
1248EPBR3 CCO HLDGS LLC/CAP CORP 5.50000 05/01/2026 US 15,675.28 $15,263.02
12591QAR3 COMM 2014-UBS4 A5 3.69400 08/10/2047 US 258,685.46 $261,031.61
12592BAB0 CNH INDUSTRIAL CAPITAL L 3.37500 07/15/2019 US 325,850.71 $326,665.34
12593GAF9 COMM 2015-PC1 A5 3.90200 07/10/2050 US 136,528.44 $138,747.67
12629NAF2 COMM 2015-DC1 A5 FLT 3.35000 02/10/2048 US 301,799.71 $296,585.45
126307AH0 CSC HOLDINGS LLC 5.25000 06/01/2024 US 44,325.18 $41,527.15
12646XAH5 CSMC 2013-IVR3 A1 2.50000 05/25/2043 US 130,802.83 $121,847.51
13321L108 CAMECO CORP CA CCJ 971.15 $10,226.21
14912Y202 CATCHMARK TIMBER TRUST INC US CTT 1,848.21 $24,100.71
149806AA9 CAZ 2015-1A A 2.00000 12/10/2023 US 27,879.59 $27,705.34
156504AH5 CENTURY COMMUNITIES 5.87500 07/15/2025 US 37,381.7 $35,559.34
15672WAJ3 CEQUEL COM HLDG I/CAP CP 7.50000 04/01/2028 US 16,248.52 $16,471.94
16411QAA9 CHENIERE ENERGY PARTNERS 5.25000 10/01/2025 US 28,670.07 $28,024.99
165240102 CHESAPEAKE LODGING TRUST US CHSP 356.47 $10,530.01
172967EW7 CITIGROUP INC 8.12500 07/15/2039 US 336,572.72 $487,467.11
19238VAG0 COGECO CABLE INC 4.87500 05/01/2020 CA 11,032.85 $11,088.01
19625JAA1 CAH 2015-1A A 3.09713 07/17/2032 US 75,154.94 $75,154.82
19625W104 COLONY NORTHSTAR INC-CLASS A US CLNS 1,529.92 $9,347.79
198287203 COLUMBIA PROPERTY TRUST INC US CXP 381.6 $8,150.98
20369C106 COMMUNITY HEALTHCARE TRUST I US CHCT 794.61 $20,262.59
21871N101 CORECIVIC INC US CXW 1,064.54 $21,461.10
21987BAK4 CODELCO INC 5.62500 09/21/2035 CL 288,033 $322,843.93
222795106 COUSINS PROPERTIES INC US CUZ 3,871.89 $34,421.08
22663AAA7 ORTHO-CLINICAL DIAGNOSTI 6.62500 05/15/2022 US 19,025.91 $18,835.65
22822V101 CROWN CASTLE INTL CORP US CCI 160 $16,139.05
22944PAA5 CSMC 2013-TH1 A1 2.13000 02/25/2043 US 92,530.6 $85,452.19
229663109 CUBESMART US CUBE 524.68 $15,446.58
23311RAC0 DCP MIDSTREAM OPERATING 9.75000 03/15/2019 US 11,032.85 $11,612.08
2347608 FIRST QUANTUM MINERALS LTD CA FM CN 338.13 $4,871.95
23918K108 DAVITA INC. US DVA 7,993.2 $501,893.06
23918KAR9 DAVITA INC 5.00000 05/01/2025 US 30,777.33 $29,167.68
2434760 MEXICHEM SAB DE CV MX MEXCHEM* MM 3,683.27 $11,511.41
25271C102 DIAMOND OFFSHORE DRILLING US DO 12,285.98 $225,939.24
253868103 DIGITAL REALTY TRUST INC US DLR 378.82 $40,037.77
254683BK0 DCENT 2014-A4 2.12000 12/15/2021 US 12,934.27 $12,858.16
25470DAT6 DISCOVERY COMMUNICATIONS 5.20000 09/20/2047 US 335,329.36 $327,977.50
26151AAA7 DRAX FINCO PLC 6.62500 11/01/2025 GB 29,699.48 $29,847.98
2643674 GRUPO MEXICO SAB DE CV-SER MX GMEXICOB MM 9,673.82 $32,028.74
26780TAA5 DYNAGAS LNG PARTNERS/FIN 6.25000 10/30/2019 MH 42,169.47 $42,696.59
269246401 ETRADE FINANCIAL CORP US ETFC 5,560.02 $337,381.73
2715777 QUEBECOR INC -CL B CA QBR/B CN 8,944.91 $166,783.11
277276101 EASTGROUP PROPERTIES US EGP 64.47 $5,788.05
2801836 SHAW COMMUNICATIONS INC-B CA SJR/B CN 8,162.77 $167,775.62
285512109 ELECTRONIC ARTS US EA 4,146.73 $489,231.68
2866857 LUNDIN MINING CORP CA LUN CN 28,665.31 $189,769.94
294429105 EQUIFAX INC US EFX 3,340.57 $374,311.34
29444U700 EQUINIX INC US EQIX 186.2 $78,351.94
29472R108 EQUITY LIFESTYLE PROPERTIES US ELS 195.06 $17,391.46
29476L107 EQUITY RESIDENTIAL US EQR 377.37 $23,287.22
297178105 ESSEX PROPERTY TRUST INC US ESS 68.44 $16,404.77
302154BV0 EXPORT-IMPORT BANK KOREA 2.62500 12/30/2020 KR 527,098.58 $516,305.71
30225T102 EXTRA SPACE STORAGE INC US EXR 259.98 $23,292.00
30251JAA9 FDIC 2011-R1 A 2.67200 07/25/2026 US 29,576.6 $29,476.92
30286XAN9 FREMF 2015-K43 B FLT 3.86222 02/25/2048 US 295,824.18 $287,261.02
30290HAE8 FREMF 2012-K708 FLT 3.88201 02/25/2045 US 139,838.54 $140,556.20
30291EAE4 FREMF 2013-K712 B FLT 3.47714 05/25/2045 US 132,430.4 $132,849.92
30291HAA5 FREMF 2013-K28 X2A 0.10000 06/25/2046 US 16,722,049.39 $63,598.97
30291XAE2 FREMF 2014-K715 B FLT 4.11961 02/25/2046 US 108,794.09 $110,605.32
30303M102 FACEBOOK INC -A US FB 6,066.78 $1,043,486.07
3128M5A91 FHLM POOL G03332 6.00000 10/01/2037 US 3,890.15 $4,330.10
3128M5DD9 FHLM POOL G03400 5.50000 03/01/2037 US 19,336.04 $21,151.92
3128M5NM8 FHLM POOL G03696 5.50000 01/01/2038 US 8,499.47 $9,288.63
3128M6B98 FHLM POOL G04264 5.50000 04/01/2038 US 28,792.07 $31,467.31
3128M6NC8 FHLM POOL G04587 5.50000 08/01/2038 US 11,816.82 $12,901.15
3128M73H7 FHLM POOL G05900 6.00000 03/01/2040 US 11,249.13 $12,542.02
3128M73P9 FHLM POOL G05906 6.00000 04/01/2040 US 21,291.05 $23,740.52
3128M7KW5 FHLM POOL G05409 5.50000 03/01/2039 US 20,905.83 $22,845.17
3128M8AW4 FHLM POOL G06021 5.50000 01/01/2040 US 8,216.9 $8,980.08
3128M9C83 FHLM POOL G06995 6.00000 05/01/2040 US 25,539.47 $28,378.82
3128MB4Q7 FHLM POOL G13331 5.50000 10/01/2023 US 1,944.83 $2,014.84
3128MBDP9 FHLM POOL G12610 6.00000 03/01/2022 US 4,161.55 $4,318.31
3128MBE45 FHLM POOL G12655 6.00000 05/01/2022 US 2,895.75 $3,004.74
3128MBRH2 FHLM POOL G12988 6.00000 01/01/2023 US 2,236.79 $2,331.08
3128MBUB1 FHLM POOL G13078 6.00000 03/01/2023 US 3,922.44 $4,082.95
3128MJ2U3 FHLM GOLD POOL FG G08786 4.50000 10/01/2047 US 272,665.01 $285,130.35
3128MJJT8 FHLM POOL G08273 5.50000 06/01/2038 US 38,079.39 $41,605.42
3128P75P4 FHLM POOL C91754 4.50000 03/01/2034 US 46,288.87 $48,457.90
3128P76G3 FHLM POOL C91771 4.50000 06/01/2034 US 60,209 $63,570.89
3128P76R9 FHLM POOL C91780 4.50000 07/01/2034 US 61,356.45 $64,559.24
3132LMMM5 FHLM POOL K91364 4.50000 11/01/2033 US 32,317.69 $33,898.81
3132LNE83 FHLM POOL K92059 4.50000 09/01/2034 US 50,967.98 $53,970.85
3132WPDP9 FHLM GOLD POOL FG Q49109 4.00000 07/01/2047 US 149,597.24 $152,626.78
3132XSLZ1 FHLM GOLD POOL FG Q50343 4.00000 08/01/2047 US 162,943.12 $166,198.92
31335ABB3 FHLM POOL G60034 4.50000 02/01/2045 US 226,008.11 $235,864.69
31335AFY9 FHLM POOL G60183 4.00000 12/01/2044 US 62,212.34 $63,578.92
31336WBS7 FHLM POOL G11850 5.50000 07/01/2020 US 5,837.05 $5,918.73
31371NCJ2 FEDERAL NATL MTG ASSN 256673 5.50000 04/01/2037 US 40,289.25 $44,047.07
3137A2B34 FHMS K009 X1 FLT 1.45890 08/25/2020 US 1,707,909.43 $41,587.08
3137ADTK3 FHMS K014 X1 FLT 1.35057 04/25/2021 US 724,709.06 $21,236.08
3137AJMG6 FMHS K016 X1 FLT 1.67495 10/25/2021 US 577,066.64 $24,771.91
3137AL6W4 FHMS K706 X1 FLT 1.68589 10/25/2018 US 830,975.42 $3,446.06
3137AME78 FHMS K017 X1 FLT 1.49098 12/25/2021 US 1,812,551.37 $71,703.44
3137AUPF0 FHMS K021 x1 FLT 1.59275 06/25/2022 US 1,908,963.39 $94,455.51
3137B3NB0 FHMS K030 X1 FLT 0.31510 04/25/2023 US 6,318,934.68 $55,973.75
3137B4GZ3 FHMS K032 X1 FLT 0.22177 05/25/2023 US 4,064,436.03 $21,887.80
3137B5KW2 FHMS K035 A2 3.45800 08/25/2023 US 488,852.78 $495,534.47
3137BT7J4 FHMS KJ10 A2 2.91200 12/25/2023 US 278,263.31 $274,611.63
3137BWVV3 FHMS KJ13 A2 2.86400 08/25/2022 US 198,937.77 $197,576.76
3137F4YU0 FHLM POOL FHR4791 4.00000 03/15/2044 US 180,099.95 $183,695.63
3138ABBY4 FEDERAL NATL MTG ASSN AH9054 4.50000 04/01/2041 US 33,885.82 $35,664.38
3138ASSD5 FEDERAL NATL MTG ASSN AJ1415 4.50000 09/01/2041 US 17,822.47 $18,744.99
3138EGGZ1 FEDERAL NATL MTG ASSN AL0215 4.50000 04/01/2041 US 104,098.23 $109,567.58
3138EQTZ5 FEDERAL NATL MTG ASSN AL7767 4.50000 06/01/2044 US 145,799.17 $153,444.95
3138ETT89 FEDERAL NATL MTG ASSN AL8674 FLT 5.65100 01/01/2049 US 399,905.6 $430,830.52
31403DDX4 FEDERAL NATL MTG ASSN 745418 5.50000 04/01/2036 US 86,957.32 $95,194.76
31407EJW4 FEDERAL NATL MTG ASSN 828377 5.50000 06/01/2035 US 22,438.77 $24,550.54
3140E2GZ8 FEDERAL NATL MTG ASSN AZ9215 4.00000 10/01/2045 US 50,887.32 $51,942.90
3140EWG66 FEDERAL NATL MTG ASSN BC2020 3.50000 07/01/2046 US 244,531.36 $243,087.61
3140F2QS2 FEDERAL NATL MTG ASSN BC6764 3.50000 04/01/2046 US 57,219.01 $56,881.17
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7262610 CREDIT AGRICOLE SA FR ACA FP 1,578.25 $25,989.63
729640102 PLYMOUTH INDUSTRIAL REIT INC US 169.14 $2,909.26
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744320AL6 PRUDENTIAL FINANCIAL INC 5.87500 09/15/2042 US 305,650.05 $325,135.24
74460D109 PUBLIC STORAGE INC US PSA 167.47 $33,791.44
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7759435 ILIAD SA FR ILD FP 89.78 $17,983.34
780259107 ROYAL DUTCH SHELL PLC-ADR B NL RDS/B 408.7 $29,598.32
783513203 RYANAIR HOLDINGS - ADR IE RYAAY 74.94 $8,240.73
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78442PGC4 SLM CORP 5.12500 04/05/2022 US 25,008.6 $25,258.68
785592AV8 SABINE PASS LIQUEFACTION 5.87500 06/30/2026 US 450,647.52 $489,407.39
80282KAS5 SANTANDER HOLDINGS USA 3.40000 01/18/2023 US 333,270.54 $322,906.53
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808513105 CHARLES SCHWAB CORP/THE US SCHW 12,079.86 $672,606.70
81211K100 SEALED AIR CORP US SEE 9,055.28 $397,073.95
812578102 SEATTLE GENETICS INC US SGEN 12,448.23 $637,224.83
81663AAD7 SEMGROUP CORP 6.37500 03/15/2025 US 39,129.68 $37,271.02
81745CAB9 SEMT 2013-7 A2 3.00000 06/25/2043 US 75,912.51 $72,887.47
81745EAA7 SEMT 2013-8 A1 3.00000 06/25/2043 US 107,170.37 $103,132.81
81745MAA9 SEMT 2013-2 1.87400 02/25/2043 US 86,804.19 $78,256.66
81762P102 SERVICENOW INC US NOW 3,916.7 $650,720.56
81783QAC9 SEVEN GENERATIONS ENERGY 5.37500 09/30/2025 CA 22,162.59 $21,553.12
822538AE4 SHELF DRILL HOLD LTD 8.25000 02/15/2025 KY 19,385.2 $19,675.98
828806109 SIMON PROPERTY GROUP INC US SPG 434.32 $67,901.27
83088M102 SKYWORKS SOLUTIONS INC US SWKS 6,309.73 $547,432.00
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83404YAA1 SCLP 2016-5 A 3.06000 09/25/2028 US 30,541.23 $30,457.27
83406EAB1 SOFI 2018-A A2A 2.39000 02/25/2042 US 101,114.37 $100,427.40
845467AL3 SOUTHWESTERN ENERGY CO 6.70000 01/23/2025 US 30,418.05 $29,809.69
852061AK6 SPRINT COMMUNICATIONS 9.00000 11/15/2018 US 10,051.88 $10,334.59
85254J102 STAG INDUSTRIAL INC US STAG 741.74 $18,224.45
85571XAA5 SRPT 2014-STAR A FLTG RATE 3.11688 11/15/2027 US 199,049.46 $199,237.48
862121100 STORE CAPITAL CORP US STOR 411.84 $10,390.84
866674104 SUN COMMUNITIES US SUI 261.85 $24,574.57
867892101 SUNSTONE HOTEL INVESTORS INC US SHO 1,098.28 $17,133.21
87243QAB2 TENET HEALTHCARE CORP 6.00000 10/01/2020 US 11,032.85 $11,386.45
87470LAA9 TALLGRASS NRG PRTNR/FIN 5.50000 09/15/2024 US 28,048.39 $28,469.11
87677QAA9 TXEZ 2016-1A 3.13100 06/15/2028 US 81,076.03 $81,013.63
87854WAA1 TECHNIPLAS LLC 10.00000 05/01/2020 US 24,338.47 $21,478.70
88032WAG1 TENCENT HOLDINGS LTD 3.59500 01/19/2028 KY 339,350.11 $322,483.64
88146M101 TERRENO REALTY CORP US TRNO 197.74 $7,346.02
88161DAA9 TESLA 2018-A A 2.32000 12/20/2019 US 133,804.59 $133,249.18
882508104 TEXAS INSTRUMENTS INC US TXN 3,001.64 $304,455.95
89173CAA5 TPMT 2016-5 A1 2.50000 10/25/2056 US 346,173.99 $339,136.82
893870204 TRANSPORTADOR GAS SUR-SP ADR AR TGS 633.44 $12,073.40
89613BAA5 TAH 2013-SFR1 A 2.58900 11/17/2033 US 282,743.46 $273,996.57
89613FAA6 TAH 2017-SFR2 A 2.92800 01/17/2036 US 112,375.26 $108,416.45
896356AE2 TRINIDAD DRILLING LTD 6.62500 02/15/2025 CA 35,875.94 $34,396.06
901109AF5 TUTOR PERINI CORP 6.87500 05/01/2025 US 33,865.57 $34,702.05
902653104 UDR INC US UDR 867.62 $31,364.41
903002103 UMH PROPERTIES INC US UMH 690.45 $9,341.75
90320MAA3 UPCB FINANCE IV LTD 5.37500 01/15/2025 KY 63,108.87 $61,688.92
904767704 UNILEVER PLC - ADR GB UL 10,806.34 $604,830.69
912796PY9 TREASURY BILL 0.00000 09/06/2018 US 1,113,620.62 $1,106,144.95
912810FM5 UNITED STATES TREAS BOND 6.25000 05/15/2030 US 521,187.22 $694,604.13
912810PT9 UNITED STATES TREAS BOND 4.75000 02/15/2037 US 829,997.17 $1,040,738.64
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912810RK6 US TREASURY N/B 2.50000 02/15/2045 US 583,560.55 $520,599.84
912810RX8 US TREASURY N/B 3.00000 05/15/2047 US 1,479,863.22 $1,452,636.04
9128283W8 US TREASURY N/B 2.75000 02/15/2028 US 741,417.2 $729,774.63
912828D23 US TREASURY N/B 1.62500 04/30/2019 US 1,843,088.66 $1,830,993.39
912828K33 UNITED STATES TREAS INFL INDEX 0.12500 04/15/2020 US 178,799.31 $177,299.14
912828K58 UNITED STATES TREAS NTS 1.37500 04/30/2020 US 1,879,719.55 $1,838,600.69
912828R28 US TREASURY N/B 1.62500 04/30/2023 US 385,441.93 $364,438.36
912828R36 US TREASURY N/B 1.62500 05/15/2026 US 777,042.73 $704,802.04
912828RT9 US TREASURY N/B 1.37500 11/30/2018 US 701,613.05 $698,653.12
912828S92 US TREASURY N/B 1.25000 07/31/2023 US 1,022,726.65 $944,903.54
912828UH1 UNITED STATES TREAS INFL INDEX 0.12500 01/15/2023 US 360,901.12 $352,517.11
912828X88 US TREASURY N/B 2.37500 05/15/2027 US 1,428,163.45 $1,365,011.85
912828XQ8 US TREASURY N/B 2.00000 07/31/2022 US 748,319.56 $726,045.36
91704F104 URBAN EDGE PROPERTIES US UE 1,037.79 $21,347.34
92276F100 VENTAS INC US VTR 211.91 $10,896.36
92339V100 VEREIT INC US VER 1,531.8 $10,416.25
92343VDV3 VERIZON COMMUNICATIONS 5.50000 03/16/2047 US 454,668.27 $484,694.51
92532F100 VERTEX PHARMACEUTICALS INC US VRTX 1,506.76 $230,774.76
92826C839 VISA INC - CLASS A SHARES US V 5,356.25 $679,601.37
92903PAC3 VNO 2010 - VNO A2FX 4.00350 09/13/2028 US 43,384.56 $44,376.86
929042109 VORNADO REALTY TRUST US VNO 348.74 $23,725.04
92936CAE9 WFRBS 2011-C4 A3 4.39400 06/15/2044 US 2,863.79 $2,879.82
92960PAA7 W/S PACKAGING HOLDINGS 9.00000 04/15/2023 US 27,378.26 $27,994.27
948565AC0 WEEKLEY HOMES LLC/ FINAN 6.00000 02/01/2023 US 17,685.66 $17,464.59
94856TAA2 WEEKLEY HOMES LLC/ FINAN 6.62500 08/15/2025 US 33,195.44 $32,199.58
94987MAB7 WELLS FARGO COMMERCIAL MORTGAGE 4.39300 11/15/2043 US 37,300.83 $38,296.83
95040Q104 WELLTOWER INC. US WELL 278.15 $14,864.15
962166104 WEYERHAEUSER CO US WY 11,857.44 $436,116.81
962178AL3 TRI POINTE HOLDINGS INC 4.37500 06/15/2019 US 21,803.31 $21,830.56
962178AN9 TRI POINTE GROUP / HOMES 5.87500 06/15/2024 US 18,763.52 $19,021.52
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N47279109 INTERXION HOLDING NX NL INXN 555.93 $36,146.80
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Based on the investments of the underlying fund(s): Manning & Napier Pro-Mix® Extended Term CIT Fund and Manning & Napier Pro-Mix® Moderate Term CIT Fund. Investments will change over time and as the target date fund gradually becomes more conservative. Fund holdings list does not include securities with positions less than 0.005 shares.

A Word About Risk

Each Manning & Napier Retirement Target CIT Fund is invested in one or two of four proprietary risk-based funds, the Manning & Napier Pro-Mix® CIT Funds, based on the Retirement Target CIT Fund becoming increasingly conservative over time. Because the underlying funds invest in both stocks and bonds, the value of your investment will fluctuate in response to stock market movements and changes in interest rates. Investing in target date funds will also involve a number of other risks, including issuer-specific risk, foreign investment risk, and small-cap/mid-cap risk, as the underlying investments change over time. Investments in options and futures, like all derivatives, can be highly volatile and involve risks in addition to the risks of the underlying instrument on which the derivative is based, such as counterparty, correlation and liquidity risk. Also, the use of leverage increases exposure to the market and may magnify potential losses. Principal value is not guaranteed at any time, including at the target date (the approximate year when an investor plans to stop contributions and start periodic withdrawals).

About The Fund Manager

Manning & Napier Advisors, LLC (Manning & Napier) provides investment advisory services to Exeter Trust Company, Trustee of the Manning & Napier Collective Investment Trust Funds. Manning & Napier is headquartered in Rochester, NY and has more than 45 years of experience managing life cycle investment objectives. The Firm’s active management approach focuses on participating in rising markets and, as important, helping to reduce the risk of large losses in sustained bear market periods. A team of investment analysts and professionals make all investment decisions in an effort to provide investors with strong risk-adjusted returns.


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